Atty. Armando Q. Ongsioco
SEC Opinion • Securities and Exchange Commission • Opinions • Aug 28, 1989
Full text
August 28, 1989 Atty. Armando Q. Ongsioco Angara Abello Conception Regala & Cruz Law Offices ACCRA Building, 122 Gamboa Street, Legaspi Village, Makati, Metro Manila Sir : This refers to your letter, dated August 10, 1989, requesting for a ruling as to whether or not the issuance of a surety bond to cover up the unpaid subscription of alien subscribers may be considered a substantial compliance with the Commission's policy of requiring full payment of alien subscription at the time of incorporation. In connection therewith, please be advised that the Commission, in its meeting of August 24, 1989, resolved to allow the posting of surety bond equivalent to the unpaid subscription of alien subscribers in lieu of the required affidavit of assumption by any of the resident stockholders. Very truly yours, (SGD.) RODOLFO L. SAMARISTA Associate Commissioner
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